Cupertino, CA -- (SBWIRE) -- 04/27/2015 -- A forecast error is the difference between the actual and predicted value. The consequences are expensive inefficiencies that can be resolved with lean manufacturing technology. Ultriva recently reported in Forecast Errors, a weekly e-newsletter, corroborates the PwC survey results that within the chemical industry the average forecast errors exceed 36 percent.
The current environment of uncertain GDP growth and shifting market dynamics presents challenges for many chemical companies; it also offers opportunities to retool their business models. Future growth of the chemicals industry will be driven by developing markets, where gains are likely to range from 6 percent to 10 percent, compared with 2 percent to 3 percent in developed economies. Most global chemical companies have found themselves losing in head-to-head competition with local players while trying hard to tap into this booming business. PwC recently completed a survey covering nearly 2,000 C-suite executive-level respondents. Ninety-five percent of respondents said they foresee digital technology innovation at their companies over the next three years, with 50% expecting breakthrough or radical advances. Chemical companies have invested billions in automation and information technologies and moving forward, cannot afford to be passive.
The newsletter explores forecast errors as the difference between the actual and predicted value. Forecast Errors reports that what separates best-in-class companies from those that struggle with accuracy is how they root out (and learn from) forecasting errors.
To subscribe to Forecast Errors, go to: http://info.ultriva.com/newsletter
About Ultriva
Ultriva's (http://www.ultriva.com) cloud-based platform leverages seamlessly integrates with leading ERP and MRP systems, to deliver an end to end pull based replenishment solution. Ultriva, based in Cupertino, CA, implements a global demand driven manufacturing model by providing full visibility, scheduling, and sequencing of production of customer orders. Ultriva was named one of the Great Supply Chain Projects of 2014 by Supply & Demand Chain Executive magazine and recently named one of 50 Best Supply Chain Blogs of 2014 by SupplyChainOpz. The company's global footprint is increasing rapidly with implementations in wide variety of industry sectors and enterprises such as Magellan Aerospace, CareFusion, Emerson, Ingersoll Rand, McKesson, Triumph Group, Regal Beloit, Thermo Fisher, and more.
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Ultriva, Inc.
http://www.ultriva.com
Cynthia Leonard
Marketing Executive
cynthiaL@ultriva.com
408-961-2495